(WSJ) The owners of Brazil’s largest travel agency group in terms of revenue, CVC Brasil Operadora e Agência de Viagens S.A, have revived plans for an initial public offering of shares, in a potentially lucrative payday for private-equity group The Carlyle Group.

Carlyle bought into CVC in late 2009, buying a 63.6% stake for around 700 million reais from the founder, Guilherme Paulus, who owns the remaining shares.

The partners are now looking to earn around 1 billion Brazilian reais ($460 million) from the sale of shares, according to a person involved in the transaction, who declined to be named for this article.

Carlyle and CVC didn’t respond to a request for comment for this article.

In a preliminary IPO prospectus, CVC said the shares would be sold via a secondary offering, meaning that all proceeds will go to the owners and not the company.

“An offer that controllers uses as a way just to pocket money is likely to be seen as negative by investors, but there is another side too, that may mean that shareholders are comfortable with company’s cash position and its market position,” said João Pedro Burgger, who oversees $136 million in stocks and bonds at asset management firm Leme Investimentos.

The company’s revenues were 623.4 million reais in 2012, compared with 596 million reais in 2011, while CVC’s profit was 20 million reais last year, down from 110 million reais the year earlier.

CVC didn’t unveil a timetable for the share offer, although making a filing now suggests an intention to hold the IPO by the end of the year. Otherwise, the firm will have to redo the prospectus. Itaú BBA, Morgan Stanley, Bank Of America Merrill Lynch, BTG Pactual and J.P Morgan were hired to coordinate the operation, the company said in the preliminary prospectus.

The partners had previously planned an IPO in February 2012, but pulled the deal because of adverse market conditions. They’ve been looking for an opportunity to hold the IPO ever since.

After a drastic decline in recent months, Brazil’s stock market is seeing a more positive trend and is attracting a huge inflow of international investors. International investors posted an inflow of 4.25 billion reais into Brazilian stocks in September, following an inflow of 2.1 reais billion in August, according to figures from exchange operator BM&FBovespa SA.